Gold Slides to Third Straight Weekly Decline

Gold sank, silver edged higher and miners were mixed

Gold dropped modestly in Friday trading as investors awaited the implementation of U.S. federal budget cuts under the “sequester.” Last minute talks between White House and Congressional Republicans failed to reach a deal to halt the cuts. The metal marked its third consecutive weekly decline.

Gold futures for April delivery rose to $1574.90 per ounce on Friday, according to CME Group. Gold traded as high as $1,586.90 and as low as $1,564. Gold bullion closed in London at $1,579, according to BullionVault.